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Cryptocurrency stocks have fallen much more than large tech stocks: Coinbase and Circle have dropped 69% and 72% from their highs, respectively, and Bitcoin briefly fell below $60,000, intensifying pessimism

According to Cointelegraph, in the wave of declines in technology stocks, cryptocurrency-related stocks have suffered particularly severe losses, with the divergence from the broader market continuing to widen. Coinbase (COIN) and Circle (CRCL) have fallen 69% and 72% from their respective historical highs, far exceeding the 48% to 57% pullback of mainstream tech stocks like Oracle, Salesforce, Netflix, and Palantir; in contrast, the S&P 500 index has only retreated 3.5% from its recent peak.On the fundamental side, Coinbase's first-quarter performance was significantly below Wall Street expectations, with a 21% quarter-over-quarter decline in revenue and a loss of $1.49 per share, while analysts had previously expected earnings of $0.27 per share. Bitcoin fell below $60,000 this week, down more than 54% from its October peak; Ethereum also dropped to around $1,500, down about 69% from last year's high, with market sentiment continuing to deteriorate.21Shares has lowered its 2026 cryptocurrency market expectations in its mid-year outlook report, believing that the performance of digital asset prices is significantly lagging behind the industry's fundamentals. The institution pointed out that institutional adoption is still deepening, with stablecoins, asset tokenization, and prediction markets maintaining strong development momentum, but the four-year market cycle of Bitcoin remains the dominant force in price trends. The report also acknowledged previous misjudgments—"the cycle of Bitcoin is evolving, but has not yet broken," retracting its earlier assertion that the four-year cycle was outdated.Analysts believe that the deep pullback in cryptocurrency stocks reflects the overall weakness of the digital asset market, the uncertainty of legislative progress in the U.S. cryptocurrency market structure, and the compounded pressure from the potential impact of AI technology on existing business models.

JPMorgan: SpaceX's inclusion in the Nasdaq 100 index could bring in $4.3 billion in passive fund inflows

According to Reuters, Nasdaq has confirmed that SpaceX (SPCX) will be included in the Nasdaq 100 Index on July 7, which may bring a wave of passive fund buying for the stock. Inclusion in the index typically boosts stock prices, as ETFs that track the performance of the relevant index need to purchase shares of newly included companies. JPMorgan expects that SpaceX's inclusion in the Nasdaq 100 Index could bring in $4.3 billion in passive fund inflows.SpaceX went public on Nasdaq on June 12. To attract more companies to list in the U.S., Nasdaq and index providers such as FTSE Russell and MSCI have previously relaxed some inclusion requirements, including profitability, days since listing, and the number of tradable shares. SpaceX has fluctuated between significant losses and small profits over the past three years, with a net loss of $4.9 billion last year.Michael Field, Chief Equity Market Strategist at Morningstar, stated, "Clearly, there is strong market demand, which is why they are quickly including it in the index." He added that many people will be satisfied with this, but some fund managers and skeptics may not agree, as Morningstar believes the stock is overvalued. Investors typically gain broader market exposure through funds that track the Nasdaq 100 Index, such as Invesco's QQQ and QQQM. Additionally, large language model companies like OpenAI and Anthropic are also expected to submit IPO applications this year or next and may seek valuations exceeding $1 trillion.However, S&P Global stated this month that it will not adjust the requirements for SpaceX to enter major indices like the S&P 500 and will consider including it in relevant indices only after at least 12 months.

Coinbase assists the Brooklyn District Attorney's Office in combating fraud cases, involving approximately 16 million dollars

Coinbase officially stated that it is cooperating with the Brooklyn District Attorney's Office in New York, assisting in the investigation of a long-term impersonation fraud case targeting platform users and supporting victims in recovering funds.According to the Brooklyn District Attorney's Office, a Brooklyn man has been charged with long-term impersonation of Coinbase customer service, using social engineering techniques to mislead users into believing their accounts were compromised and requesting them to transfer funds to a "secure wallet," subsequently transferring and stealing the funds. The case involves approximately 100 victims, with the amount in question nearing $16 million, and over $600,000 has been recovered so far.Coinbase stated that such scams do not stem from platform security vulnerabilities but are social engineering attacks that exploit user trust and urgency, with common tactics including identity forgery, impersonating customer service, and creating account risk panic. The company claims to have cooperated with law enforcement to complete various investigative tasks, including identifying suspects, assisting victims in notifications, providing legal request data support, and on-chain fund tracking, emphasizing that blockchain traceability helps law enforcement track the flow of funds.Coinbase also reminds users that the platform will never ask users to transfer funds to a "secure wallet," nor will it request 2FA verification codes, recovery phrases, or password reset links, and advises users to contact customer service only through official in-app channels. The company will continue to strengthen anti-fraud mechanisms, user education, and cooperation with law enforcement to address the increasingly complex cryptocurrency asset fraud.

Ansem: Pessimism has reached an extreme, and the current entry point for Bitcoin is a good trading opportunity

Crypto KOL Ansem reiterated the long-term investment logic of Bitcoin, stating that despite previously holding a bearish stance, the current price level presents a good buying opportunity. He pointed out that the core narrative of Bitcoin as the hardest currency remains unchanged—it's not subject to government seizure, can be transferred across borders instantly, and is not affected by the long-term depreciation of the dollar, making it an ideal vehicle for long-term wealth storage. The performance of gold outpacing Bitcoin between 2024 and 2025 temporarily undermined the "digital gold" narrative, but he believes that as long as price momentum rebounds, market confidence can be restored.On a macro level, Ansem believes that with the reopening of the Strait of Hormuz and the expected easing of inflationary pressures, the Federal Reserve's hawkish stance may be nearing its peak, at which point both Waller and the Federal Reserve will have room to cut interest rates rather than continue raising them; the strength of the dollar and rising interest rates exert pressure on gold, but if profits from AI stocks flow into real estate, cash, and long-term value storage assets, both gold and Bitcoin will benefit; institutional investors like Paul Tudor Jones still show interest in Bitcoin.Previously, Ansem candidly admitted to being bearish on Bitcoin due to Saylor's (founder of Strategy) position risk, once believing that $60,000 would be hard to maintain, but he stated he is now responding to buy signals. He noted that the current price action has priced in the worst-case scenario of Saylor being forced to sell, and even if he truly needs to sell, it would not happen for at least six months. He concluded that Bitcoin is currently at the intersection of long-term historical support levels and the most pessimistic market sentiment he has observed, making entry at the beginning of Q3 a trading opportunity worth paying attention to.

Caixin: The son of a former official from the Wuhan Supervisory Commission laundered over 64 million Hong Kong dollars in Hong Kong, claiming that part of the funds came from selling Bitcoin

According to Caixin, Xiao Rui, the son of former Wuhan Municipal Supervisory Commission member Xiao Jun, is suspected of receiving approximately HKD 4.72 million in bribes from mainland construction contractors on behalf of his father, and has laundered over HKD 64 million through underground money houses. On June 23, the Hong Kong Regional Court found Xiao Rui guilty of four counts of "money laundering" and one count of "using a false document," with the judge set to announce the sentence on July 23.In 2014, Xiao Rui was approved to reside in Hong Kong. That same year, he used his HSBC account to purchase two funds from Sun Life Financial for HKD 10 million to meet the investment requirements of the aforementioned immigration plan. Between January 2016 and September 2017, Xiao Rui's Standard Chartered and DBS accounts received multiple remittances, totaling over HKD 54 million.Regarding the "money laundering" charges, Xiao Rui argued in court that the large sums involved were legitimate earnings from his mother's business, given to him for investment in Hong Kong, with some funds also coming from the sale of Bitcoin. Concerning the explanation about Bitcoin, the judge rejected his testimony as Xiao Rui could not provide any basic records such as transaction dates, numbers, or wallet addresses.

Bitcoin falls below $63,000, possibly due to continuous outflows from ETFs and the expiration of $10.6 billion in options suppressing the market

Bitcoin further declined towards $62,000 on Tuesday, continuing its weak fluctuations under the pressure of six consecutive weeks of outflows from spot ETFs, a shift in macro interest rate expectations towards hawkishness, and the expiration pressure of quarterly options. Ethereum also fell below $1,700 on the same day, with both BTC and ETH retreating nearly 20% over the past 30 days. This week's market pressure mainly comes from two clues. One is that the Federal Reserve maintained interest rates at 3.5% to 3.75% during the FOMC meeting on June 18, but the statement significantly reduced easing language, and the dot plot shifted from previously suggesting rate cuts to indicating rate hikes. Among the 18 officials, 9 have already predicted at least one rate hike this year, and the probability of a rate hike in December has significantly increased compared to a month ago. The second is that geopolitical risks have once again disturbed the market. Previously, expectations of a ceasefire between the U.S. and Iran had pushed Bitcoin above $67,000, but during the signing ceremony on June 19, the situation broke down, and Iran withdrew from negotiations. Due to the 24/7 trading in the crypto market, Bitcoin was the first to reflect this shock. In addition, Deribit will face the expiration of approximately $10.6 billion in options on June 26, which has also intensified the market's wait-and-see sentiment at the end of the quarter. Analysts believe that current leverage has been largely cleared, and market positions are defensive, but the next direction still depends on Thursday's PCE inflation data and whether the capital flow of spot ETFs can turn positive again.

BIT's US stock financing trading is about to launch public testing, with professional trading capabilities continuously upgraded

BIT (formerly Matrixport) announced the official launch of its U.S. stock margin trading feature, which will be open for public testing starting June 26. BIT is the first platform in the cryptocurrency industry to offer margin trading functionality. Users can now submit margin loan applications through the official website or app. BIT will review applications based on account status and risk management requirements, gradually increasing the margin limits. Additionally, features such as securities lending are also in preparation and will be gradually opened based on regulatory requirements and product progress.During the public testing period, BIT will simultaneously launch the "First Margin Loan · Limited Time Interest-Free" and "Interest Cashback Gift" promotions: Users who use margin trading for the first time during the promotional period will enjoy 30 days of 0% interest on their first loan, allowing users to experience the efficiency of leveraged funds without interest. Elio Cui, head of brokerage services, stated: "BIT is the first to provide margin trading functionality, enhancing the customer journey from account opening, trading to fund leverage. This allows BIT customers to improve investment efficiency and strategically position themselves in the world's most wealth-generating assets without relying on bank cards or leaving the digital asset ecosystem."BIT also reminds users that while margin trading enhances the efficiency of fund usage, it also comes with corresponding risks. Users should fully understand margin rules and risk control mechanisms and participate cautiously based on their own risk tolerance.
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